Some business owners believe that they do not have to take any additional actions after forming a limited liability company. In many cases, creating your limited liability company is just the first step in ensuring that your business complies with the various laws and regulations that affect it.Here are some issues you may still need to solve, even if Form your limited liability company.

1. Obtain additional licenses and permits.

If your company operates in a department that requires a license, the license needs to be in the name of LLC. This means that you usually cannot apply for any licenses or permits before creating an LLC. However, you also need these licenses and permits to operate your company.

The most common licenses and permits involve the distribution of food and alcohol. However, many industries require local licenses. General business licenses, zoning licenses, and other health sector licenses are good examples.

2. Obtain permission from your seller.

Many states require your company to have a “seller’s license” or something similar before you can operate as a business. It is sometimes called a sales tax permit. Before you start selling, you must have such a license; sales tax is required to be collected and paid.

Many states that require a seller’s license use a simple application process and hope to charge a typical fee to complete the registration.

3. Obtain an employer identification number (EIN).

EIN is also called a federal tax number. This number will be used to file tax returns and provide tax documents to employees. If you intend to hire only one person, you must obtain an EIN.

If you don’t have employees, you don’t need to, but getting an EIN may still be a good idea.You can use EIN to provide Customers and suppliers For tax purposes, not to provide your personal social security number or tax ID.

4. Open a bank account for your LLC.

You may have opened a bank account for your business. If this is the case, you should change the name on your account to reflect the name of your LLC.

Keep a separate bank account for your limited liability company for continuing Asset protection interest Provided by this type of business entity.

5. Create your operating agreement.

The operating agreement of your limited liability company sets out the day-to-day operations and longer-term issues of the limited liability company. It can cover things as important as what happens when members want to leave the company to do simpler things, such as who has the authority to sign checks on behalf of the LLC.

Have a LLC Operating Agreement Not every state needs it, but it’s still good to have one. Setting rules and expectations in the development of a limited liability company can avoid a lot of conflicts and troubles.

Even if you are the sole owner of the LLC, you may want to consider establishing an operating agreement.A kind Single member limited liability company operating agreement It involves many of the same issues as other types of operating agreements. Investors and financial institutions may require you to provide this document before providing funds to your company.

6. Buy insurance.

In most industries, getting some general liability, commercial insurance is a good idea. No matter how careful you are, accidents will happen. Having adequate insurance can solve many types of accidents and protect your company’s assets when terrible things happen.

If you have employees, you usually need to purchase work-related injury insurance and unemployment insurance. Check your state’s rules and regulations regarding this type of coverage.

7. Appoint a registered agent.

Your business usually needs to have a “registered agent” in each state where you do business. A registered agent is a person who accepts legal documents and information on behalf of a limited liability company.

In many cases, you can become a registered agent. However, in some states, registered agents must meet certain requirements. For example, some states require registered agents to receive services “during normal working hours.” If you only want to work on Mondays and Tuesdays, you may not be able to become a registered agent. In these cases, you can hire a registered agent through the service or ask a bank or law firm to become your registered agent. Rocket Lawyer has a registered agent Provide you with timely, convenient and confidential services in all 50 states.

8. Make a plan to keep up with the requirements of the LLC.

Most states require you to submit annual or biennial documents to maintain your LLC status. Make sure you understand and understand the requirements of each state in which you do business. Then, make a plan to remind yourself to archive these important documents before they expire.

If you have specific questions about your business and the laws of your state, please contact Rocket lawyers on call_® lawyer Get affordable legal advice.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm, nor is it a substitute for a lawyer or a law firm. The law is complex and changes frequently.For legal advice, please Ask a lawyer.